Pharmaceutical firms operating in the UK and EU face unique scrutiny due to national differences in regulatory frameworks, enforcement approaches, and market structures. The increasingly complex interplay between regulation, innovation, and industry dynamics has led the European Commission and other regulators to advance novel theories of harm in their reviews of pharmaceutical transactions.
In an Analysis Group feature, Vice President Joshua White and Manager Krisztina Horvath explore regulatory changes, examine emerging theories of harm, and discuss competition authorities’ potential concerns over mergers involving drug companies in the region. As competition policy approaches and frameworks continue to evolve, pharmaceutical companies in the UK and EU must position themselves with appropriate empirical evidence to navigate legal and economic complexities. The authors conclude that “[T]hose who can deploy robust analytical approaches to assessing jurisdiction-specific markets and economic effects will be better equipped to manage risk and gain a competitive advantage” across Europe.
Associated People
Joshua White
Mr. White is a consulting economist who specializes in applying microeconomics and sophisticated econometric modeling to complex litigation and merger-related questions, primarily in matters involving the health care, financial services, and technology industries. His work across a diverse set of engagements has encompassed simulating consumer demand and switching behavior, analyzing whether intellectual property (IP) licensing rates are FRAND-compliant, and estimating ex ante default probabilities for structured investment vehicles. He also has substantial experience developing innovative technological tools for analyzing datasets for merger and competition analyses.
Mr. White has supported both economic and scientific experts addressing competition and intellectual property (IP) issues in matters related to cutting-edge pharmaceutical products. He has supported clients in various jurisdictions and industries in follow-on cartel damages litigation, assessing overcharge, upstream and downstream pass-on, and volume effects.
Mr. White has worked in a number of international jurisdictions and has served as a testifying expert in the UK’s Upper Tribunal (Lands Chamber) on competition matters related to restrictive land covenants. He has also given evidence and submissions to the UK’s Competition and Markets Authority (CMA) on behalf of clients involved in market investigations and mergers. Mr. White has supported several clients before the European Commission on cartel and merger matters and has provided support to European financial and competition regulators in coordinated conduct investigations. Mr. White has published a number of articles and regularly speaks at international competition law and policy conferences.
Krisztina Horvath
Krisztina Horvath specializes in the application of microeconomics, econometrics, and statistics to the analysis of complex competition, antitrust, and intellectual property matters. She has managed case teams and conducted analyses in a variety of litigation, including damage assessments, abuse of dominance cases, patent infringements, and state aid, across a range of industries such as health care, pharmaceuticals, transportation, digital platforms, and chemical products. Her work has been presented at industrial organization and health economics conferences and published in peer-reviewed journals. Prior to joining Analysis Group, Dr. Horvath taught econometrics at Boston College.